Labrador Iron Ore Royalty Corporation Posts 19% Q3 Net Income Drop

Labrador Iron Ore Royalty Corporation (LIORC) posted third-quarter net income of C$24.5 million, down 19% from C$30.4 million a year earlier. Earnings per share fell to C$0.38 from C$0.47. Royalty revenue declined 8% to C$40.1 million from C$43.5 million. Lower iron ore prices and higher shipping costs reduced realized prices, while lower sales volumes also weighed on results. LIORC receives a 7% royalty on Iron Ore Company of Canada’s (IOC) iron ore sales. IOC sales under the LIORC royalty reporting basis totaled 3.9 million metric tons, down 1% year over year.

Source: TokenPost